not too concerned about a TO just yet. perhaps once the phase 3 is underway.
in the mean time I would still be cautious about eggs and baskets as things can still happen at this stage... you never know when a new previously unkown side effect can pop up, or an issue with management or whatever else.
to me the current valuation is ok assuming the drug is going to go all the way. but by the same token a lot of the expected success has been priced in for the time being and it has a long way to drop IF something does go wrong or cause unexpected delays etc..
perhaps I just being overly cautious, but then again maybe not..
PAR - Upcoming News and the Star Rating System, page-6
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